A high deductible Inpatient Health Insurance plan is the most affordable option when you are considering health insurance. These plans offer lower monthly premiums. However they usually do not cover routine doctor visits or any outpatient visits. This plan is for people who want to pay smaller monthly premium and they don’t worry for medical treatment up to the deductible they choose. After the deductible is met the insurance coverage kicks in, usually at one hundred percent coverage.
The high deductible policies usually range from€1000.00 to €5000.00. You may find insurance plans with an even higher deductible. The downside to a high deductible insurance plan is that you are responsible for paying everything out of pocket until you reach your deductible. You will pay a hundred percent of the cost of prescriptions, doctor visits, and emergency room visits. You will also pay for the cost of surgeries and outpatient procedures. If you are considering a pregnancy you need to check if there is maternity coverage on your policy.
You may consider a high deductible plan if you are pretty healthy and rarely go to the doctor. It is a good option if you need to cut expenses, but you should be sure to begin setting aside the deductible amount so that you can cover your side of expenses.
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*Savvas P. Christoforou is a Chartered Insurer and managing director of Insurancelink Cyprus
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